Banco de Galicia y Buenos Aires gives further buyback offer details

By Jennifer Chiou

New York, Aug. 28 - Banco de Galicia y Buenos Aires SA announced that it is offering to buy back $243,770,779 of its class A 7% notes due 2014.

The bank launched the purchase offer and consent and proxy solicitation statement on Aug. 27. It is looking to amend certain terms of the indenture.

As previously noted, the Buenos Aires bank will offer to pay $900 for each $1,000 of notes tendered.

The broker commission will be $3.75 for each $1,000 of notes tendered.

The offer runs through 5 p.m. ET on Sept. 25.

The liquidation date will be Oct. 2.

Banc of America Securities LLC is the agent for the offer, and Merrill Lynch Argentina SA is the agent in Argentina.

The bank issued the notes under its $2 billion global medium-term note program.

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